Any individuals from the age of (18) to (65) who is looking for an insurance plan to save a guaranteed cash value within a certain period when aging and a plan to reduce the financial burden on the dependencies because of not being able to perform any income-generating work should take this policy.
The followings are provided under this life insurance.
Risks that are not entitled for the Death Benefit
If the insured dies directly or indirectly for any of the following reasons, the insured is not entitled to Death Benefit or Total Permanent Disability Benefit.
The Policyholder
(A) As long as the proposer (who will become the policyholder) has the insurable interest with the insured and the mutual agreement between them, the insured can be any of the following individuals:
(B) A legal entity (who will become the policy owner) can propose to purchase this insurance for employer(oneself),employee and partnerships who are responsible for progression and improvement if there is a mutual consent for the life of any individual with an insurable interest.
According to desired sum insured, annual premium due to eligibility could be basically calculated on the following sum insured sum multiplier. Premium could be starting from minimum 50000MMK per month (6 lakhs MMK per year).
(Monthly premium could not be over 25 lakhs MMK.)
| Eligibility due to policy term | Insured sum multiplier |
|---|---|
| Within 18 to 25 years | 55 |
| Within 26 to 35 years | 50 |
| Within 36 to 45 years | 35 |
| Within 46 to 55 years | 25 |
| Within 56 to 60 years | 15 |
| Within 61 to 65 years | 10 |
For example, because of the multiplier 50 for 300 lakhs MMK of sum insured, as for 35 years old man, he has to pay 600,000 MMK of annual premium.
(1) ordinary increasing - starting from 10,000 MMK based on multiplier
(2) extraordinary - starting from 30,000MMK
Can be purchased from minimum 15 years to maximum 62 years. The policy shall be expired at the 80 years of insured. (The insured’s age must be within 18 to 65 years.)
The policyholder can cancel and return the policy within 14 days from the day of policy acceptance. The fees for medical check-up by itself and other expenses such as risk evaluation expenses will be extracted when refunding.
Premium can be paid monthly, quarterly, semiannually, and annually as desired on the given date.
When the policy is commenced, the policyholder can propose for premium discontinuation because of the various reasons due to hardships for premium payment.
You may reinstate your policy within 12 months from the policy lapsed date. The missed monthly premium(s), the interest and other outstanding must be paid in lump sum for the reinstatement of your policy. If it is more than 6 months, you must provide a satisfied medical record that costs you on your own and shows the evidence of good health condition. Policy reinstatement only depends on our approval.
Premium amount and annual saving benefits, extracting the fees and wages will be put in the policyholder’s saving account.
The minimum interest rate will be ensured and based on the occasional changed interest rate, saving benefits will be included and granted in the account depending on the annual calculation of yearly interest rate.
If the insured could live till the policy expiration without taking death benefits and total permanent disability, he or she (policyholder) can enjoy the full savings.
If the insured is dead during the policy term, the beneficiaries can completely be granted with the much more proper amount from among the sum insured and savings.
If the insured is total permanent disable and not to able to perform any income-generating work, the policyholder can completely be granted with the much more proper amount from among the sum insured and savings. (It is valid until the insured is 65 years old.)
For in-force policy, if the policyholder wants to cancel the policy, he has the right to return the policy and request a surrender value.
Excluding the rest premium (no interest) to be paid for the company and expenses used for the policyholder, the rest will be surrendered for the following reasons.
